Rox Resources continues to grow Youanmi’s golden footprint

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By Colin Hay - 
Rox Resources ASX RXL Venus Metals VMC Youanmi gold footprint

Rox Resources’ (ASX: RXL) decision to take 100% control of the 3.2Moz Youanmi gold project is already looking like a winner with significant new drill results obtained at the Western Australian operation.

In late June, the company’s shareholders voted yes to a proposed agreement with joint venture partner Venus Metals (ASX: VMC) to consolidate their respective ownership interests in the Youanmi gold project under Rox’ control. At the same time Venus’ shareholders also voted in favour of the proposal.

Still working under Youanmi gold project JV (OYG JV), Rox and Venus have now obtained significant new assay results from their ongoing Youanmi resource development program.

The JV recently successfully completed 28,507m of resource development and near-mine exploration drilling, with that number increased from an originally planned program of 23,000m.

Resource confidence continues to build

Rox Resources’ managing director, Robert Ryan, said drilling continues to build on the company’s confidence in the resource at Link while also defining the upside potential at both the Midway and Paddy’s Lode prospects.

“The latest two holes from Link continue to confirm the current geological interpretations and will improve the confidence in the inferred mineral resources. Assays are outstanding for the four remaining diamond holes, which we expect will further increase confidence in the resource and set the foundation for the mineral resource update targeted for later this year.”

“Results from the near-mine discovery at Midway also continue to impress with high-grade results returned at excellent underground mining widths. The high-grade zone at Midway has been intersected over a 150m strike and 200m vertical extent and is still open along strike and down plunge.”

Latest assays provide upside

The new assays have come from the resource campaign.

Numerous high-grade intersections were identified in the resource development drilling component which targeted the high-priority Link and Kathleen areas of the project.

Highlight results included 5.86m at 2.87 grams per tonne (g/t) gold from 393.83m, including 2.87m at 4.80 g/t gold from 394.70m, and: 5.12m at 4.46 g/t gold from 479.33m, including 2.72m at 6.81g/t gold from 480.12m.

The resource development activity is aiming to convert inferred resources to the higher confidence indicated resource classification with the Link drilling aimed at upgrading the inferred resource over a strike length of 460m and between 230m and 475m below surface,

Exploration work provides positive returns

The latest near-mine exploration drilling was designed to further evaluate the Midway exploration target identified in 2021 and the 2023 Paddy’s Lode discovery in the Youanmi South project area.

Highlight Midway results included 0.54m at 16.17 g/t gold from 290.65m; 7.00m at 5.95 g/t gold from 87.00m and 1.37m at 21.89g/t gold from 354.69m.

Mr Ryan said the two prospects continue to demonstrate significant upside potential and will remain an important focus for ongoing exploration.

“RC drilling at Paddy’s Lode targeting the potential for shallow high-grade material up-dip of the discovery holes has returned a broad zone of lower grade mineralisation close to the east-west offsetting fault,” he said.

“Our interpretation is that high-grade mineralisation appears to be constrained within 80m to 100m of the E-W fault, but remains open down-plunge. Similar to the Youanmi Main Lode and Link, further dilatations of the mineralised structure will yield further high-grade exploration targets and the geophysical survey currently underway will provide valuable information to target these high-grade zones both to the north and stepping along strike to the south.”

“We are still a long way from unravelling the potential of this emerging Paddy’s Lode area and we remain confident in the potential of this area to host a significant zone of high-grade mineralisation. With the help of the current geophysical survey, we look forward to getting rigs back on the ground for the next phase of exploration.”

Better than expected Midway results

Mr Ryan said the Midway drilling had been even more successful than expected with multiple high-grade results and mineralisation intersected over a 150m strike and 200m vertical extent. The target remains open along strike and down plunge.

Meanwhile, RC drilling at Youanmi South returned 3m at 3.46 g/t gold on the northern side of the major east-west offsetting structure and Rox plans to undertake additional exploration drilling on the north side of this offsetting structure.

Consolidation of the joint venture interests in the Youanmi gold project under Rox’s 100% ownership is expected to be wrapped up by mid-July.